DETEC Returns $874,833 in Capital Credits
Deep East Texas Electric Cooperative works hard every day to keep your rates as low as possible. But it’s sure nice to know that when there are profits, they go back to you. This year DETEC returned $874,833 in capital credits!
When you signed up to receive electric service from Deep East Texas Electric Cooperative you became a member of the co-op. An electric cooperative operates on an at-cost basis by annually “allocating” to each member, based on how much electricity you purchased during a year, operating revenue remaining at the end of the year. Each year as financial condition permits, these allocated amounts—capital credits—are retired. Since a cooperative’s members are also the people the co-op serves, capital credits reflect each member’s ownership in, and contribution of capital to, the cooperative.
In December, members of DETEC will receive capital credit retirements through a check in the mail, reflecting a portion of their contribution to the ownership of the cooperative. Those funds helped us keep the lid on rates, reduced the amount of money we needed to borrow from outside lenders to build, maintain, and expand a reliable electric distribution system, and covered emergency expenses – now it’s time to return the credit back to you! Over the years, Deep East Texas Electric Cooperative has returned over $22 million to our members and local communities through the retirement of capital credits.
Remember, a member may be eligible for capital credits for several years after they move off our system. If you move, please be sure that we have an accurate forwarding address. Also, if you are an heir of one of our past members, please be sure that we have the proper information to forward the deceased member's future capital credit checks to the heirs.